Kevin Hayes, who has held that post since he joined Man in 2007, is leaving to “pursue other professional and personal interests,” said a company statement. Jonathan Sorrell, currently Man’s head of strategy and corporate finance, will take over as finance director immediately.

Man Chairman Jon Aisbitt said Sorrell’s appointment followed a “rigorous process to identify the best possible candidate.”

Peter Clarke, chief executive of Man, said: "Since joining Man last year, Jonathan has played a key role, most recently in structuring the proposed acquisition of FRM. In his new position, Jonathan's experience in financial markets, especially his deep working knowledge of the hedge fund industry, will be extremely valuable as we continue to develop and evolve in challenging world markets. He has a strong background in strategy and execution and will bring clear focus on costs and financial efficiency.”

Sorrell joined Man in August 2011 after more than a decade at Goldman Sachs, where he worked in the investment management, securities and investment banking divisions, latterly leading investments in a broad range of hedge fund firms.

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